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The Effect of the Tax Reform Act of 1986 and Regional Economies on Apartment Values

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    Abstract

    The theoretical effects of the Tax Reform Act of 1986 on commercial real estate have been widely written about; however, little empirical work has been done that actually measures the hypothesized effects. We find that, after controlling for general national economic conditions and regional effects, the effect of the Tax Act of 1986 was negatively related to apartment values. The magnitude of the effect was a function of the local vacancy rates and economic growth where those regions with slow economic growth and high vacancy rates were strongly affected.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol11n03/v11p259.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 11 (1996)
    Issue (Month): 3 ()
    Pages: 259-276

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    Handle: RePEc:jre:issued:v:11:n:3:1996:p:259-276

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Web page: http://www.aresnet.org/

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    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    1. George W. Gau & Ko Wang, 1990. "A Further Examination of Appraisal Data and the Potential Bias in Real Estate Return Indexes," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(1), pages 40-48.
    2. Gary C. Sanger & C. F. Sirmans & Geoffrey K. Turnbull, 1990. "The Effects of Tax Reform on Real Estate: Some Empirical Results," Land Economics, University of Wisconsin Press, vol. 66(4), pages 409-424.
    3. Mike Miles & Rebel Cole & David Guilkey, 1990. "A Different Look at Commercial Real Estate Returns," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(4), pages 403-430.
    4. Yoon Dokko & Robert H. Edelstein & Marshall Pomer & E. Scott Urdang, 1991. "Determinants of the Rate of Return for Nonresidential Real Estate: Inflation Expectations and Market Adjustment Lags," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(1), pages 52-69.
    5. Jeffrey D. Fisher & George H. Lentz, 1986. "Tax Reform and the Value of Real Estate Income Property," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 14(2), pages 287-315.
    6. Brent W. Ambrose & Hugh O. Nourse, 1993. "Factors Influencing Capitalization Rates," Journal of Real Estate Research, American Real Estate Society, vol. 8(2), pages 221-238.
    7. S. Michael Giliberto, 1992. "A Note on Commercial Mortgage Flows and Construction," Journal of Real Estate Research, American Real Estate Society, vol. 7(4), pages 485-492.
    8. Glenn R. Mueller, 1993. "Refining Economic Diversification Strategies for Real Estate Portfolios," Journal of Real Estate Research, American Real Estate Society, vol. 8(1), pages 55-68.
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